Supporting ageing parents can involve more than occasional financial help, according to digital creator and finance educator Ankur Warikoo, who has shared the three rules he uses to assist his retired parents.
Warikoo said his approach is intended to give his parents both practical support and the freedom to make their own choices. His comments, shared in an Instagram reel, focus on regularity and independence rather than waiting for relatives to ask for money.
“Taking care of your parents isn’t always about giving them money. It’s about giving them the freedom to enjoy it.”
Warikoo’s three rules
The first part of his system is to pay for travel. He said his parents can choose where they want to go and who they want to travel with, with the aim of allowing them to enjoy their retirement on their own terms.
His second measure is a fixed monthly payment. Since his parents retired, Warikoo said money has been transferred into their account on the first day of every month. They can then decide how to use it, rather than needing to request support for each individual expense.
The final rule is a new mobile phone every two years. Warikoo said this is done without asking first because his parents might otherwise continue using the same handset. He also joked that they are not told the true cost of the replacement.
| Area of support | Approach described |
|---|---|
| Travel | Pay for trips of their choice |
| Regular income | Transfer a set amount each month |
| Technology | Replace their phone every two years |
Why planning matters
Mukesh Pandey, founder and managing director of Rupyaapaisa.com, said helping parents in later life should not be reduced to earning more or transferring money whenever a need arises. He described the more useful goal as creating a system that protects parents while allowing them to retain dignity and independence.
That means considering the likely costs before making a commitment. Pandey recommends estimating regular spending such as food shopping, household bills, medication, personal insurance and other essentials. Once those costs have been assessed, he says families should consider setting aside a dedicated fund specifically for parental support.
In his view, relying only on monthly earnings can leave families vulnerable when an unexpected cost appears. He recommends planning in advance and building a reserve equivalent to six to 12 months of essential expenses. The source material says this money should be kept in a low-risk savings account or investment instrument.
A practical conversation for families
The advice also points to the importance of discussing how support will work. A regular payment may give parents greater control, while a separate fund can help the person providing assistance understand what they can realistically afford. Travel and technology are different types of spending, but both can be considered as part of a wider household plan.
- Work out essential monthly costs before deciding how much support to provide.
- Consider a separate fund rather than treating parental assistance as an unplanned expense.
- Build support around parents’ independence, including their ability to choose how money is spent.
- Review practical needs such as phones, medication, insurance and household requirements.
Warikoo’s approach is personal rather than a universal formula. The amount a family can provide will depend on its income, existing commitments and the parents’ own resources. Pandey’s comments similarly emphasise preparation instead of a single payment or one-off gesture.
The material carries a reminder that it is informational rather than financial or investment advice. Individual circumstances vary, so anyone making significant financial decisions is advised to speak to a qualified financial planner, adviser or, where appropriate, a mental health professional. The central message is straightforward: support can be more sustainable when it is planned, predictable and designed to preserve choice.
